IOI Q3 earnings lower on absence of disposal gains

In a filing with Bursa Malaysia, the group said profit from the plantation segment of RM132.6mil was 44% lower, mainly due to lower crude palm oil (CPO) and palm kernel prices realised.

PETALING JAYA: Plantation group IOI Corp Bhd’s third-quarter net profit to end-March plunged 88.1% to RM245.8mil from RM2.1bil a year ago, on the absence of disposal gains during the period.

During the corresponding quarter a year ago, the group had recognised a disposal gain of RM1.6bil from the divestment of a 70% equity interest in resource-based manufacturing business Loders Croklaan Group B.V.